Climate change is getting a lot of attention around the world, but those who make their homes or spend their vacations by the sea may have more at stake than others. Coastal flooding has become a noticeable concern, and one of the latest predictions cautions roughly 280,000 coastal residents to take heed over the next two decades. Coastal properties around the U.S. are at risk for chronic flooding as sea levels rise.
The Financial Impact of Climate Change
Unprecedented financial loss is set to disrupt both the real estate and insurance industries, as once-desirable coastal properties may become more of a headache and risk. For homeowners or landlords, coastal home insurance doesn’t always include flooding, much less account for the significant threat that may lie down the road. Storms, wind, hurricanes and other severe weather aren’t the only risks facing coastal residents, and climate change is behind the more serious threats.
The Importance of Coastal Insurance
Coastal properties extend all around the United States, from Maine, New York and New Jersey down to Florida, Texas and California. The impact of weather and natural disasters differ by region, but rising sea levels threaten the hundreds of communities along these coasts. With coastal insurance, damages are addressed to both the structure and the contents, and policies can be designed to include rental income, personal possessions and loss of use situations.